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Borrowing for stamp duty
Locornwall
Posts: 356 Forumite
Can I borrow money to pay for stamp duty and pay this myself after completion?
0
Comments
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With or without a mortgage? If with a mortgage, the short answer is no, but it can be done legitimately if you declare loaned amounts at time of mortgage (so it is factored into affordability).0
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With a mortgage.
Given it can be paid after completion, how can a mortgage lender manage this?0 -
They manage it by telling their solicitor not to complete unless they already have the funds from you to cover stamp duty and registration. The lenders shouldn't have a problem in principle with you borrowing the money, but as above it's another loan to take into account in your application.Locornwall wrote: »With a mortgage.
Given it can be paid after completion, how can a mortgage lender manage this?0 -
The thirty days grace doesn't apply to those purchasing with a mortgage.
The UK Finance lender handbook which is the instructions from lenders to solicitors insists solicitors have all cleared funds including stamp duty in hand before completion.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
And it's now only 14 days for SDLT anyway.kingstreet wrote: »The thirty days grace doesn't apply to those purchasing with a mortgage.0
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